They’re back to pre-bubble normal. If you have derogatory credit that is recent enough to show up in a FICO score, it’s tight. If you don’t, it’s not. There have been some fairly onerous income and asset reporting requirements intended to ferret out fraud in downpayment and income, that brokers and underwriters complain about. I suppose those are the source of the whining. Strip them out, go back to liar’s loans, NINJA loans, straw man buyers and all that. Happy days are here again among mortgage brokers who don’t hold the paper. You know the rest of the story, just go back six years.
When I checked yesterday, the 15 year fixed refi was 3.18 on Bloomberg. Last year’s 2.9 was the lowest in modern history back 50 years. Yesterday’s 3.18 is extremely low. The lowest in the last 50+ except for last year’s low.
House prices are low, interest is low. This is the time to buy a house. It is not possible for it to be significantly better. Fifteen year is so low that it’s about the only loan I’d recommend. What young couple wouldn’t want to be paid off at 45 instead of at 60 years of age?
And for the record, I’m neither a banker, a lender, a realtor, or anything other than a pastor.